Why Are Furniture Stores In A Perpetual State Of “Closing Soon”?

Furniture Stores1
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After filing for bankruptcy a month ago, the textile retailer Charlotte Russe has closed or liquidated more than 1,000 of its stores. The company, which owns fast food fashion retailer Zara, has announced plans to close 500 to 600 stores over the next two years.

The company expects to close 200 stores by the end of 2020, and most of these closures have reportedly already begun to shift inventory from target markets to distribution centers. Carter’s announced in October that it would close 1.4% of its stores, most of them by the end of 2020. Eight stores are permanently closed, including two in New York City and one in Chicago, according to the company’s website. The locations have not been announced, but up to 200 of the stores are expected to close by the end of 2020.

The long list of stores closing in 2020 includes an ever-growing number of retailers that have filed for bankruptcy. Here’s a look at the retail stores that will close, file for bankruptcy or close by 2020. Macy’s: 60 stores are expected to close by the end of September 2020, according to the company’s website, and 60% of those stores will close in the first half of 2020 as a result of the retailer’s bankruptcy filing.

Electronics retailer Circuit City had 567 stores when it filed for bankruptcy in 2008 and eventually began to close. By the late 1970s, it was the world’s largest department store chain, but its fortunes quickly changed. In 1997, all stores in the United States were closed, according to the website.

Future Loves Stores took part in the delayed pandemic and announced it would close 141 stores after a sale was completed and assets liquidated. The retailer also announced it would close most of its stores permanently and launch a “sell-off.”

The bankruptcy was annulled when the business was taken over by Marquee Brands, which announced it would shift online sales. After temporarily closing its stores and temporarily switching to online sales due to pandemic policies, it announced plans to reopen 300 Express locations, including a plan to reopen by Memorial Day weekend. The store temporarily closed all stores in March (COVID 19) and then opened 43 nationwide stores with pick-up and online shopping opportunities to reopen.

Bed, Bath & Beyond (BBBY) has just announced that 200 more stores will be added to the list, as will the 500 remaining Pier 1 stores after the bankruptcy filing. It is unclear how many stores remain, but it was clear when the company announced in March that it would close 300 locations permanently. On its website, Luxottica announced that it would close all of its stores by February 1, including its flagship stores in New York City, Los Angeles and San Francisco. In total, there will be 405 stores, including those that the retailer said would close by February 2020 and those it has now closed.

In September 2020, the company announced it would close 500 stores over the next two years and close 40 to 50 permanently each year. In November 2019, Sears revealed plans to close 96 stores by February 2020, including its flagship locations in New York City, Los Angeles and San Francisco. Transformco, which owns Sears, said in November that it would close 51 Sears stores from February 2020, including a store in Whitehall and a store in north Wales.

In October, Carter’s announced it would close 200 stores by the end of 2022, and as part of the bankruptcy process, the retailer announced it would close 192 stores permanently each year. JCPenney has already started selling off 130 stores and recently unveiled plans for 13 more to close over the next two years. Liquidations and sales will begin in early July. In August 2020, the company announced that it would permanently close all of its stand-alone retail stores in the US and Canada.

The retailer also announced that 19 Lord & Taylor locations will be permanently closed after the store closes and sale. Franchisees – own shops have also been included in the closures, with Art Van Furniture branches closing from March.

Walgreens announced last August that it would close about 200 U.S. locations, but did not say when it would close. Gap expects to close about 50 of its stores this fiscal year, excluding new openings and repositioning.

Kohl’s amassed losses of more than $1 billion in the first quarter of 2020, including weeks of store closures, and the company has announced more permanent store closures. For the rest of the year, IBM predicts that the home furnishings and furniture stores will close this year with a net loss of about $1.2 billion, or about 2.5 percent of total U.S. retail sales. In the first half of 2020, UBS found that home furnishings stores are likely to be hardest hit by permanent store closures – a total of 820 stores, including about 1,000 home furnace stores and about 500 last-minute stores that close permanently. By the end of 2019, IBM says, it will have announced some of these more permanent store closures.